This week, Prime Minister Mark Carney introduced his first budget. Before diving into the details, it’s worth recalling a key point: during the election campaign, PM Carney was sharply critical of the former Trudeau Liberal government for dramatically increasing spending and running large deficits.

In fact, even in his throne speech earlier this year, PM Carney made fiscal restraint a central theme. After condemning the Trudeau government for allowing spending to grow by 9% annually, he pledged to reduce spending growth to under 2%. That was a clear and unequivocal promise.

So, what did we see yesterday in the Liberal budget? PM Carney revealed a projected deficit of $78 billion. To put that in perspective, this is nearly double the $42.2 billion deficit forecast by the previous Trudeau government.

In other words, PM Carney’s promise to “spend less” has been completely abandoned. His proposed deficit of $78 billion is the largest in Canadian history outside of a pandemic or global crisis. That is a staggering number by any measure.

Budgets also outline future spending plans, and here the picture becomes even more concerning. Over the next four fiscal years (2025/26 to 2028/29), PM Carney’s projected deficits total roughly $265 billion. Compare that to PM Trudeau’s last budget, which projected $131 billion in deficits over the same period. Once again, PM Carney is spending twice as much as his predecessor—despite campaigning on fiscal discipline.

From my perspective, this is part of a troubling pattern. Since 2015, every Liberal budget has set spending targets—targets they themselves choose—yet they have missed the mark every single year.

For example, in 2015, PM Trudeau promised “modest deficits” to fund infrastructure and invest in Canadians, followed by a “cast-in-stone” balanced budget by 2019. We all know that promise was never honored. Instead, Canadians saw record deficits and mounting debt.

The Trudeau government created a fiscal mess with runaway spending. It’s easy to understand why PM Carney criticized this during the campaign and promised to clean it up. Canadians expected a course correction.

Instead, this budget shows PM Carney is following the same path—only on a much larger scale. That is not what he promised Canadians just months ago.

My question for you this week: Do you believe PM Carney has delivered on his promise to “spend less” with this budget? Do you support this level of increased deficit spending?

Join in on the always lively discussion on my Facebook Page. Alternatively, you can reach me at [email protected] or call toll-free 1-800-665-8711.